PROCESSING OF FEDERAL FINANCIAL AID (TITLE IV) FOR STUDENTS THAT OFFICIALLY AND UNOFFICIALLY WITHDRAWAL FROM ROXBURY COMMUNITY COLLEGE.
How a Withdrawal Affects Financial Aid
Federal Student Aid (FSA), also known as Title IV funding, is awarded under the assumption that a student will complete course(s) for the entire semester and/or payment period for which the funds were awarded. When a student ceases attendance, officially and/or unofficially, in a course, regardless of the reason, the student may no longer be eligible for the full amount of Title IV funds originally awarded.
The return of funds to the federal government is based on the premise that financial aid is earned in proportion to the length of time during which the student attended. A pro-rated schedule determines the amount of federal aid a student has earned while attending. For example, a student who withdraws in the second week of the semester has earned less of his/her financial aid than a student who withdraws in the fifth week.
Once the 60% point in the semester/payment period is reached, a student is considered to have earned all of the financial aid originally awarded and will not be required to return any funds.
Financial aid that is processed for a student who never begins attendance in any class will be canceled.
If a recipient of Title IV funds stops attending Roxbury Community College after beginning attendance, the amount of Title IV assistance earned by the student must be determined. If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned to the federal program(s). If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.
Earned versus Unearned TIV Funding
If a student officially or unofficially withdraws, ceases attendance, or is administratively withdrawn from RCC, federal regulations require RCC to calculate the amount of Federal Title IV funds earned during the term from which the student withdrew.
The percent earned is equal to the number of calendar days completed up to the withdrawal (officially or unofficially) date divided by the total number of calendar days in the semester/payment period. Breaks of 5 days or longer are not included in the count of total days in the payment period.
Earned Percent = Number of Days Completed ÷ Total Days in Payment Period
Unearned Percent = 100% - Earned Percent
As a result of a withdrawal, students who received federal funds will be required to repay unearned aid.